FSCA search and seizure at Akani Retirement Fund Administrators

Watchdog launches probe on the group, saying it will share information once its investigation is finalised.
The FSCA says it received complaints 'which contained sufficient information to create a reasonable suspicion that financial sector laws may have been contravened by Akani'. Image: Moneyweb

The Financial Sector Conduct Authority (FSCA) has conducted a search and seizure operation at the property of financial services company, Akani Retirement Fund Administrators.

The authority indicated in a statement issued on Thursday, that the order, carried out in line with the Financial Sector Regulation (FSR) Act of 2017, was granted by the Deputy Judge President of the Gauteng Division (Pretoria) of the High Court, Opulent Molopa.

“The purpose of the operation was to gather facts and information to assist the authority in its current investigation into the entity, after the FSCA received complaints which contained sufficient information to create a reasonable suspicion that financial sector laws may have been contravened by Akani,” says the financial watchdog.

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Unathi Kamlana, the FSCA’s commissioner, says the body’s overriding objective is to protect financial customers, including members of retirement funds, who represent all members of society demographically.

“This operation is in keeping with that duty and is in the interest of clean administration in the retirement funds sector,” adds the commissioner.

The FSCA says it is not at liberty to disclose the details of the investigation according to statutory provisions of section 251 of the FSR Act.

“This information will be shared once the outcomes are carefully considered, and due process is followed with regard to any subsequent decisions or actions, as required by the relevant laws.”

* Akani is yet to comment on the FSCA’s search and seizure move.

Nondumiso Lehutso is a Moneyweb intern.

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